here's the ad with translations....basically, the final section of the ad involves a homophobic joke revolving around pepe's last name ("reina" or "queen") and horrifically stereotypical images of african "tribespeople".
here's the guardian's article about it:
Pepe Reina caught in race row after Spanish TV advert pulled
Another Liverpool player was at the centre of a race row on Wednesday after a Spanish advert featuring the goalkeeper Pepe Reina was pulled after a complaint about its depiction of racial and sexual stereotypes.
The video, an ad for a multinational insurance firm, was withdrawn from Spanish TV following a complaint from Operation Black Vote, a non‑political campaigning group. Liverpool have been widely criticised for their handling of the Luis Suárez affair this season, which resulted in him receiving an eight-match ban for racial abuse of Manchester United's Patrice Evra.
The ad depicts Reina meeting a tribe in a jungle scene with the Liverpool player – whose name translates as queen in Spanish – attracting the attentions of the leader.
Simon Woolley, the OBV director, said: "I'm shocked on so many levels. Firstly, how would the Spanish feel if the English stereotyped Spanish people as backward, stupid, and animalistic homosexuals? Secondly, what does this say about Pepe Reina? The Liverpool goalkeeper has lived and worked in the UK for nearly a decade; does he think it's OK to characterise black people this way? Does he think his black team-mates will laugh at his joke? It's back in the fifties this kind of stuff. They [Groupama] said they were 'going to withdraw it immediately but have done nothing wrong. But if you're upset then we apologise'.
"Given that Liverpool football club is trying to move forward from the Suarez affair, it is a shame that another one of their players has caused offence by appearing in an advert that seems to come from a bygone era. Those who are old enough might remember those despicable Zulu ads for cigarettes of the 1970s."
Liverpool declined to comment but after taking the advert off national television in Spain, Groupama said: "Groupama Seguros does not consider that this advert contains either offensive nor any discriminatory content."
Suárez was found guilty of racially abusing Evra at a Football Association hearing in December, following an incident in Liverpool's match against United in which he called Evra "negrito".
Following his suspension for the offence Suárez refused to shake the left-back's hand ahead of the Premier League meeting between the clubs at Old Trafford at the beginning of February, which reignited the row.
But following the 2-1 defeat to United, Suárez apologised. "I have spoken with the manager since the game at Old Trafford and I realise I got things wrong. I've not only let him down, but also the club and what it stands for and I'm sorry. I made a mistake and I regret what happened," he said.
• This article was amended on 1 March 2012 because the original said Suárez was found guilty of racially abusing Suárez. This has been corrected.